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East Coast Furnitech Q1 profit falls YOY

East Coast Furnitech Public Company Ltd said its first-quarter normalized net income was 2 satang per share, a decrease of 43.5% from 3 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.0 million baht, a decline of 17.6% from 17.0 million baht in the year-earlier period.

The normalized profit margin dropped to 4.2% from 5.1% in the year-earlier period.

Total revenue came to 333.5 million baht, compared with 330.8 million baht in the year-earlier period, and total operating expenses increased on an annual basis to 304.1 million baht from 298.2 million baht.

Reported net income decreased 18.7% year over year to 18.2 million baht, or 2 satang per share, from 22.4 million baht, or 4 satang per share.

As of May 13, US$1 was equivalent to 33.55 baht.